This is what happens when you have company leaders who aren't "big picture" visionaries. Brett Cairns is a technical product creator and Hamish is a CIO (a fallen star at that). Magellan should serve as a case study for the ages in how not to run a fund manager.
They were so obsessed with manufacturing niche products and hosting plush conferences where they showed off their connections to Jack Ma, Yellen, and the CIA dude that they COMPLETELY LOST sight of the big picture.
If you want to buy a quality funds management business - go buy BlackRock. Before the whole world was even questioning the value of active management after the GFC, he bought the iShares brand from Barclays, and now that's BlackRock's biggest moneymaker. Fink quickly expanded his platform into smart beta, alternatives, sector ETFs and now has become the world leader ESG. In 10 years that stock went from $100-something to $910 - a 10-bagger when you add in dividends.
Meanwhile, Hamish was plugging just one strategy, launching podcasts and thinking that everything will be forever peaches and butterflies that they may as well have a 100% dividend payout policy. TOTALLY SUSTAINABLE GUYZ.
MFG Price at posting:
$19.93 Sentiment: Sell Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)